UBS Wealth Management's chief investment officer in Southeast Asia reportedly resigns, former HSBC executive Cheo will join UBS.

Kelvin Tay, Chief Investment Officer for Southeast Asia wealth management business of UBS Group, resigned after twenty years on the job. A former HSBC executive will join the company in a similar position. According to sources, Tay is based in Singapore and responsible for wealth management business in Southeast Asia, Australia, and India. He is currently on paid leave before his departure. Tay's resignation occurred before the arrival of James Cheo, who will take office on March 30. UBS confirmed Tay's departure. Tay declined to comment.